1.1 Policies. This statement sets forth the policies applicable to the control of and accountability for capital and controlled assets.

1.2 Establishment of Regulations. The Administration shall establish and maintain regulations and procedures for control of and accounting for capital and controlled assets. The regulations shall be consistent with Board policies, applicable laws, and sound, equitable business practices, and in accordance with generally accepted accounting principles adopted by the Governmental Accounting Standards Board. These regulations shall provide for an asset inventory system to assist in gathering and maintaining information needed for the preparation of financial statements.

2. Responsibility.

2.1 VPAT. The Vice President for Administration and Treasurer shall be responsible for administering the policy and related regulations and procedures.

2.2 Department Heads. All Department Heads shall be responsible for adhering to the policy and related regulations and procedures to safeguard and report on University held assets.

3. Applicability. The policies apply to all tangible property, real or personal, owned by or used by the University. Assets include, but are not limited to, those purchased from general funds, grant funds, contract funds, building and construction funds, and agency funds; and those received by donation.

4. Capitalization Thresholds.

Capital Asset Category

Thresholds

Land and land improvements

Capitalize all

Buildings and building improvements

$100,000

Infrastructure and infrastructure improvements

$100,000

Construction in progress

Accumulate all costs and capitalize if over $100,000 when completed.

Leasehold improvements

$100,000

Property under capital lease

Depending on the asset, use the threshold for the appropriate asset category.

Furniture, equipment, and books and other reference materials not circulated to students or the general public.

$5,000

Works of art and historical treasures

Capitalize all unless they meet the definition of a collection.

Library resources

Capitalize all

Other fixed assets

$5,000

5. Capital Asset Improvements. Any improvement extending the useful life of the asset beyond one year shall be capitalized.

6. Reporting Capital Assets.

6.1 Purchased Assets. Assets shall be recorded at historical cost, including ancillary costs.

6.2 Donated Assets. These assets shall be recorded at their estimated fair value at the time of acquisition plus any ancillary charges. Donated land’s capitalized value shall reflect its appraised or fair market value at the time of acquisition.

Items incapable of being individually and separately inventoried such as components of equipment which cannot be physically examined without taking the equipment out of service.

9. Use of Capital Assets. University furniture, fixtures, and equipment shall be used for University business purposes only, and shall not be removed from University premises for purposes other than University business.

What's an Ichabod?

Washburn's mascot, the Ichabod, honors the school's early benefactor, Ichabod Washburn, a 19th century Massachusetts industrialist. The original design of the studious-looking, tuxedo-clad figure was created in 1938 by Bradbury Thompson (ba '34), who became an internationally acclaimed graphic artist. Design wasn't Thompson's only consideration. To the stylized Ichabod the artist attributed the qualities of "...courage and enthusiasm, as shown by his brisk walk. He is democratic and courteous, for he tips his hat as he passes. Sincere in his search for truth and knowledge, he studiously carries a book under his arm..."